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As the owner of a commercial property, it is essential to understand how your tenants’ activities impact the risk profile of your building — and, by extension, your short-term insurance policy. Occupancy plays a critical role in determining your insurance risk, and changes in tenancy can either increase or reduce this risk.

For instance, if your building is initially occupied by low-risk tenants such as office-based businesses, your insurer will assess and price the risk accordingly. However, if those offices vacate and are replaced by a higher-risk business — such as a woodworking operation — the risk of events like fire increases substantially. In such cases, your insurer must be notified promptly to reassess the risk and, if necessary, adjust your coverage or policy terms.

Failure to disclose changes in occupancy may lead to severe consequences. If a claim arises and it is found that a material change in risk was not disclosed, your insurer may be entitled to repudiate the claim entirely due to non-disclosure.

To avoid such outcomes, we strongly encourage you to notify us of any change in tenancy as soon as possible. This ensures your policy remains aligned with your building’s current risk profile, maintaining seamless and effective coverage.